HYBE's stock, the company managing BTS, plunged nearly 15% to a four-month low after attendance at BTS's historic comeback concert at Gwanghwamun Square was less than half of expectations, amid fierce competition from rival groups and the rising popularity of Netflix's "KPop Demon Hunters."
On Saturday (21 Mar), global boy band BTS held a free concert at Gwanghwamun Square in Seoul, marking the first time all seven members—Jin, Suga, J-Hope, RM, Jimin, V, and Jungkook—gathered since announcing their hiatus in 2022 to fulfill mandatory military service.
Although the 82-show world tour's tickets sold out entirely, the actual in-person attendance was about 104,000, well below the anticipated 260,000. As a result, HYBE's shares fell nearly 15% on 23 Mar due to investor concerns over the weaker-than-expected response.
Experts suggest the lower in-person turnout may be due to strict crowd control measures by authorities and the concert's live broadcast via Netflix to over 190 countries, prompting some fans to watch online instead. Nevertheless, sales of the new album "Arirang" remain strong, setting a record with 3.98 million copies sold on release day.
Currently, BTS and HYBE face much fiercer competition than in 2019, not only from top rival groups like Blackpink, Seventeen, and Stray Kids, but also from emerging contenders such as Netflix's virtual idol group "KPop Demon Hunters."
Reports indicate Netflix plans a world tour for KPop Demon Hunters next year to capitalize on the film's success and promote its sequel, a key strategy that could threaten the market share and fan engagement of real-world idol groups in the long term.
This situation is a critical test for HYBE, as BTS is the company’s main revenue source. During the members' military service, the company's operating profits noticeably declined. The comeback is therefore highly anticipated to revive HYBE's financial health and restore its influence in the K-pop market.
,BBC